Reinventing Operational Risk Regulation for a World of Climate Change, Cyberattacks, and Tech Glitches

ound 30 years ago, banking regulators began to construct the concept of “operational risk,” and devise rules to manage this newly-created risk category. This “invention” of operational risk assembled a grab-bag of otherwise uncategorized risks associated with banking operations; this Article argues that the resulting operational risk regulation framework isn’t very well suited to some of those…

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